Several times a day, our Perfcounter IIS Application pool sensors in PRTG show Down (Unable to connect the specified computer, or the computer is offline. (Performance Counter error 0x800007D0)). The monitored servers are running normally with no other sensor issues.
The main thing about these errors is, they often come and go and it's hard to nail what really causes them.
There is a documented workaround here.
See here a few options listed also for "repairing" performance counter related errors.
Disclaimer:
The information in the Paessler Knowledge Base comes without warranty of any kind. Use at your own risk. Before applying any instructions please exercise proper system administrator housekeeping. You must make sure that a proper backup of all your data is available.